THE CONDO BOOK PROJECT

488 4th Avenue Condominium A/K/A The Bentyn Condominium

488 4th Avenue, Brooklyn, NY 11215

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Overview

Units
10 residential · 1 commercial
Subway
2 min walk to 4 Av-9 St F G RProspect Av R, 6 min
Principals
Levi Balkany
Average $/sf
$1,431Homes in Schedule A, as first offered
Common charges
$634–$772 a monthSponsor's first-year estimate in Schedule A, January 1, 2018 - December 31, 2018
Offering price
$15.4 million total $19.2 million when first offered

The sponsor of record is Ps 488 Group LLC, represented by Marans Weisz & Newman LLC. The offering plan runs 285 pages. The sponsor has filed 9 amendments, the latest in April 2020. The nearest other condo plan on file is 205 12th Street Condominium, next door.

Plan CD170062 · New · accepted Feb 23, 2018 · AG record ↗

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FigureThis building150 1st Place25 units · 0.9 miaccepted 2018873 Pacific38 units · 1.5 miaccepted 2017
Common ChargesPer Square Foot / Month$0.57Highest$0.47$0.33
Average Offering PricePer Apartment$1.85MIn line$2.82M$1.7M
Average PricePer Square Foot$1,431In line$1,664$1,134
Property TaxesPer Square Foot / Month$0.42In line$0.19$0.82
Average Unit SizeSquare Feet1,296 SFSmaller1,694 SF1,494 SF

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Unit mix, closings, budgets, finishes and the team, against 50 1st Place and 873 Pacific, cited to the offering plans. No credit card required.

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How We Got This
  • Comps: the closest Brooklyn plans on size, $/SF and launch date, within 2 miles when possible.
  • Figures: each building's own offering plan, filed with the NY Attorney General. Nothing is estimated.
  • Checked: a price list publishes only when its math adds up, and building pages cite the plan pages.
  • Labels: In line is between the comps; Below/Above peers is past both by up to 15%; Lowest/Highest by more.

Closings Pro

Homes closed100% of the homes in Schedule A10 of 10
Closing prices vs. Schedule A10 homes: $13,720,040 at closing against $18,537,856 in Schedule A (p. 31)−26%
Average closing price10 homes, on their Schedule A square feet$1,059 / SF
Closingsfirst and latest recordedFeb 24, 2020 – Jul 6, 2021

Sales recorded with the Department of Finance (ACRIS) through Oct 31, 2025: deeds, or transfer tax filings for a building on leased land, of $10,000 or more. A home's first sale since the plan was filed is the sponsor's closing; resales aren't counted. Closing prices are compared with the same home's Schedule A price, as first offered; a deed covering more than one home isn't compared. Amendments often change prices before a home closes, and a deed that includes parking or storage counts its full price. ACRIS records a sale weeks after closing, so recent contracts don't appear yet. Every building's sales.

All 10 closings
HomeRecordedClosing priceSchedule ADifference
4Feb 24, 2020$1,400,000$1,955,408 p. 31−28.4%
8Feb 24, 2020$1,525,000$1,955,408 p. 31−22%
9Feb 25, 2020$1,300,000$1,800,000 p. 31−27.8%
5May 5, 2020$1,425,000$1,955,408 p. 31−27.1%
6May 8, 2020$1,450,000$1,955,408 p. 31−25.8%
10Jun 2, 2020$1,271,794$1,800,000 p. 31−29.3%
7Jun 17, 2020$1,478,000$1,955,408 p. 31−24.4%
1Feb 11, 2021$1,159,787$1,250,000 p. 31−7.2%
3Apr 9, 2021$1,420,459$1,955,408 p. 31−27.4%
2Jul 6, 2021$1,290,000$1,955,408 p. 31−34%

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Closings are for subscribers

Every home's recorded closing price against its Schedule A price, with the ACRIS document and the plan page.

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Budget

From our research: The Sponsor's Condo-Creation Fee in NYC · NYC Condo Insurance Costs Are Rising · Condo Supplies Cost per Unit, by Size

Team

Sponsor
Ps 488 Group LLC
Principals
Levi Balkany
Tax estimate
Metropolitan Realty ExemptionsPrepared the first-year real estate tax projection
Construction lender
Aristone Capital$10.1 million recorded

From our research: Do NYC Developers Rehire the Same Firms?

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